i LOVE Valmonte

Say what? This one sold grossly under market!

February 4, 2016

4033 Via Valmonte sold for $1.12m in January

You’ve heard me say it before, 2015 was a great year in real estate in Valmonte. Prices were up and the number of sales was the best in nearly 20 years. So with all this great news, how did a move-in ready home with views sell for $1850/foot under the average price? The story gets even more interesting when I add the fact that when I contacted the agent on behalf of my client, he informed me there were multiple offers within the first two weeks of being on the market. Yes it was over the holidays, but how do you sell for $1.12m a 2,367 square foot 4 bedroom, 3 bath home with mountain views and a nicely landscaped backyard, when a similar sized, albeit more updated, home sold less than 3 weeks prior for $1.625m? This just smells fishy. I know I sound like I’m whining, but I have a point. The agent was not a local agent, and the sales price reflects this. I hate to see good people get ripped off. This house should have sold over asking and a lot closer to $1.4 million. So if you are thinking of selling, please, I beg you, interview a local expert before you fall victim to an agent that doesn’t have his/her client’s best interests in mind. Okay, I’m off my soapbox.

View from the second floor balcony looking towards the Hollywood Hills

Household Tips, Neighborhood News

Neighborhood Watch Meeting

January 27, 2016

PVE Neighborhood Watch

Friends and neighbors,

With all the recent burglaries and break-ins over the last 6 months, it’s time to take action. PVE Neighborhood Watch will be hosting a meeting on Thursday, February 4th, from 6:30-7:30 pm in the Valmonte Elementary School multi-purpose room.

I hope to see you all there.

Here’s the information from the invitation:

Please join us for a Neighborhood Watch Meeting with Guest Speaker PVE Chief of Police, Jeff Kepley.

Learn about:

Increase of Burglaries in our Community
Crime Prevention
Community & Law Enforcement Coordination to Stop Crime

For more information: Contact Karen Logan PVE Neighborhood Watch Coordinator for Valmonte: kklogan1@mac.com

PS: Help us update our address list! If you are no longer in Valmonte or we have an outdated email, let us know. Thank you!!

Real Estate Market, Valmonte Homes

The best Valmonte buys of 2015

January 11, 2016

2015 went down as one of the better seller’s markets in the last 20 years, and despite conditions being more favorable to sellers, there were still some great buys for some savvy home buyers this year. Let’s take a look at 3 homes that represent the best buys of the year. To establish a baseline, here are some of the averages for Valmonte homes sold in 2015.

Average Sales Price: $1,536,483
Average Price/Foot: $657/foot
Average square footage/lot size: 2,374’/ 9,218′
Homes sold: 56 in 2015

3353 Via La Selva – $1,300,000 This one was a personal favorite. In general, this home is pretty average, 3 bedrooms, 2 baths, 1900 square feet on over a 10,000′ lot. But what makes this one special is the A plus location on one of the best streets in Valmonte, the large backyard with a pool and entertaining space, trail access out the back gate, and the utility line easement. In other words, this large lot has location and privacy and a house with options. The house itself needs some updating, and the new owners look like they are busy making interior improvements, but overall, this house sold at a great price compared to comps. If it were on the market it today, $1,450,000 would be a reasonable place to start, and I have no doubt that it would see lots of activity.

4112 Via Larga Vista – $1,495,000 Purchased by SUMTER PROPERTIES LLC for $1.495m in October, this was a great buy when you consider price per square foot. Anyone that’s tried to remodel a house in PV Estates knows that it’s no easy feat, having to get Art Jury, Neighborhood, and Planning approval. Since the sale closed escrow, there’s lots of work going on over there. Given that it was purchased and set up as an LLC, my guess is we’ll see this on the market again later in 2016, Probably at a price closer to $2 million, and maybe more.

4309 Via Valmonte – $799,000 This house certainly had limited appeal based on it’s size and condition, but anytime you can pay $799,000 for a house in Palos Verdes Estates, it’s pretty hard to lose. This little steal has only 2 bedrooms and 1 bath in just under 1,200, and the lot is just a bit over 7,000, but it’s a great entry point into Valmonte, and with a little work, this one is sure to build equity in no time. With a little love, this can easily be a $1,000,000 plus home.

What’s on the horizon? 2016 should be interesting. So far inventory is starting off pretty low; currently there are only 6 homes on the market compared to 13 last January. The homes on the market are priced between $1.495 and $2.999m, which certainly doesn’t appeal to all buyers. As far as the economy goes, interest rates and how home buyers react will be the wildcard that we’ll need keep an eye on. And supply will continue to be the other significant factor to consider. Prices can be the great motivator, and as prices continue to rise, typically more folks will consider selling in 2016. My prediction is that if the greater US economy can continue to hold steady, we will continue to see modest gains in home values, probably in the 5% range. However, if supply remains tight, then we may see values grow in the 7-10% range with multiple offer and overbids being more of the norm until supply balances with demand.

Cheers to a prosperous 2016!

Neighborhood News

Burglaries in Valmonte Last Night

November 11, 2015

For those that did not receive this email from Sandy Marchese, Community Relations Assistant, Palos Verdes Estates Police Department, here is the update from PVE PD about 5 burglaries that occurred last night in Valmonte. . . .

PVE Residents:

While our community continues to be safe and your Police Department is continually working to prevent and respond to crimes, you may be interested to know that last night, November 9, 2015, five homes in our city were burglarized. We want to keep you informed. In nearly every case the suspects entered the rear yard and smashed out a rear window (one had the front windows smashed). The suspect(s) made entry at a few homes, with alarms being activated in all but one. PVEPD officers responded with lights & sirens, and used the LASD helicopter, so if our residents saw or heard this police activity and wondered what was going on – the police department was responding to in-progress residential burglary calls. No suspects were located at any of the locations, so these burglars were either scared away by the alarms or made very quick entries before fleeing prior to police arrival. In one case, the residents were in the home at the time of the window smash burglary attempt. No one was injured and there were no items ultimately reported stolen. Anyone with further information, video camera surveillance, etc. is urged to contact PVEPD.

We must all exercise Crime Prevention techniques such as locking side gates, using alarm systems, motion sensor lights, trimming back shrubbery away from windows, etc. Deterrents work. I also encourage residents to join Neighborhood Watch to work with neighbors to observe and report suspicious persons or activity. Please know that your police department has been combating property crime increasing by dedicating extra patrol officers to residential areas, both uniformed and plain clothed officers. We will also be introducing Anti-Theft Dots, a property identification and recovery product to be announced soon on our website.

Uncategorized

Valmonte Home Sales Keep Pace in October

November 2, 2015

Chugging Right Along October 2015 sales of single family homes in Valmonte kept pace with September and is contributing to 2015 going down as one of the best years in recent memory. In all 4 homes sold in October priced from $1.137m to 1.65m all in the eastern part of Valmonte “where the sun always shines.” Three of the houses were listed on the MLS and took anywhere from 7 to 126 days to sell; the fourth, on Via Valmonte sold off-market for $1.55m. The selling to asking price averaged 94% as all marketed homes required price reductions to sell. As for active listings, there are 10 homes listed for sale in Valmonte, priced from $1.338m for a smaller home on PV Drive North to an updated one story on Via Palomino priced at $2.295m. For the year, the average sales price through October 31st is a record $1.539m – up about 14% from 2014. On top of that, there have already been 49 sales through September 30th this year, compared to 34 homes sold in all of 2014. Historically speaking, on a price/foot basic, prices have rallied 28% from market lows set in 2012 ($509/foot); however, the average price/foot is off 11% from market highs set in 2005 ($729/foot) and 2006 ($728/foot).

What is the take-away from all of this? As the traditional summer selling season comes to an end, there are still plenty of opportunities to buy and sell a home in Valmonte. The lending market is still favorable to well qualified buyers with rates hovering in the 4% range. For those looking to buy, this may be your best chance. Home prices are expected to continue to rise moderately in 2016 and interest rates are likely to see a moderate increase as well. Inventory remains below the “balanced” level of 5 months supply with a current 2.3 months supply, indicating this is still a seller’s market. However, as homes continue to sit empty or with sellers eager to move, this may be the chance to negotiate a good price for your next home.

See you in the neighborhood . . . .

SOLD: 208 Via Alcance – $1.137 gets you this 1800′ fixer

FOR SALE: 300 Alcance – $1.699 remodeled and across from the school

Holiday

Halloween in Valmonte

November 2, 2015

Going all out for Halloween in Valmonte, Via Larga Vista

On a night that brings back such fond memories of thinking about what costume I would sport for the school parade and running from house to house to see how big the next candy bar might be, it brings me great happiness to see the Halloween tradition alive and well in Valmonte. With this year’s big night landing on a Saturday, it was sure to be a success. For this Valmonte family, it started early with the VELA Preschool Halloween Parade on Friday. Once the highly anticipated evening came around after a busy Saturday, my little tribe was set and ready to go and we joined some friends in the Hollywood Riviera for a little gathering before we met up with some neighbors for a party with a spread fit for Count Dracula. The best part of Halloween besides seeing the kids’ excitement, is seeing how decked out our Valmonte neighbors get for the crowds of parents with their little witches, ninjas, princesses, and superhero’s in tow. Via Larga Vista is a personal favorite but Via la Selva and many of the other streets raise the bar each year with more spectacular lighting effects and decor. As for treats, the full size candy bars are always awesome, but one neighbor on Via Nivel really put on a delectable show with the cotton candy machine. Words don’t really do it justice, so here are a few images from this year’s Halloween . . .

Neighborhood News

Be Safe and Aware

October 29, 2015

Valmonte is a very safe place to live. We enjoy the fruits of a vigilant police force that preserves the privacy residents seek, with enough visible presence to keep would-be criminals from seeing Palos Verdes Estates as a place of opportunity. Compared to the national average, PVE’s crime rate is about 1/4, with the majority of the crime being burglaries and theft. Despite the low crime rate, burglaries are on the rise, and it is up to us, the residents, to help keep burglars at bay. How can you participate in keeping Valmonte safe? First and foremost please report any suspicious activities to the police. If you feel threatened or if it’s an emergency, dial 911. If it is not an emergency, dial the PVE PD number 310.378.4211. Prevention is a key element to stopping crime. PVE has a strong neighborhood watch program and has issued the following recommended actions:

Lock car doors and make sure no times are visible inside
Shred mail/papers with personal information on them
Obtain a locking mailbox
Pick up your mail daily
Close and lock garage doors when you are not inside the garage
Lock doors and windows when you are not home
Turn on your alarm when you leave
Have trusted neighbors pick up mail/packages when you are away
Get to know your neighbors

If you would like your Neighborhood Watch Area Coordinator and/or an officer to come and speak to your block on home safety, crime trends and how to avoid scams please contact the Community Relations Officer at 310-378-4211. To connect with your neighbors and stay tuned into local events, consider joining Nextdoor, a private social network that verifies members by their address; Valmonte has over 300 members in this network.

Thanks for making Valmonte a great neighborhood and please take the time to thank our local police officers when you see them next.

Valmonte Homes

3rd Quarter Valmonte Real Estate Market Report: Spoiler Alert: Prices Are Reaching New Highs!

October 16, 2015

Is it really fall? It’s hard to believe amidst 85 degree weather that we’re getting ready for the days to slow down, stocking up on candy for the trick-or-treaters, and thinking about the coming holidays. But like the weather, the real estate values in Valmonte are headed towards all-time highs. The average sales price through September 30th is a record $1.546m – up over 14% from 2014. On top of that, there have already been 45 sales through September 30th this year, compared to 34 homes sold in all of 2014. Historically speaking, on a price/foot basic, prices have rallied 28% from market lows set in 2012 ($509/foot); however, the average price/foot is off 11% from market highs set in 2005 ($729/foot) and 2006 ($728/foot).

Ericson Beach Real Estate Listing – 3025 Palos Verdes Drive North

How long does it take for a house to sell? Average days on market (DOM) for sold homes is trending downward to 42 days for listings sold in the last three months. This is down from an average of 102 DOM in January. This decrease in DOM can be attributed to seasonal averages. However, compared to 2014, the DOM has actually increased. The longer days on market can be attributed to higher overall prices for the area as well as more available inventory. Closing prices compared to asking price have returned to 98% of asking, an indicator that on average, houses are being marketed at fair prices. Year over year this number has improved from 94%.

What’s ahead? Locally, demand remains steady, and as high prices in the South Bay beach cities continue to price out buyers, Palos Verdes Estates and surrounding areas can expect to see continued buyer interest. What are the potential challenges? Price growth in the short term may face headwinds with rising mortgage interest rates and a limited number of qualified buyers as prices continue to climb while wages and job growth wane. The result – we’ll likely see a leveling off in prices until more qualified buyers enter the market.

Valmonte Market Statistics

	# of Homes	Price Range	Ave $/foot	Average price
Active listings	10	$1.338m – $2.295m	$770/foot	$1,714,200
In Escrow	3	$1.475m – $1.699m	$620/foot	$1,574,333
Sold	45	$799k – $2.625m	$656/foot	$1,546,067
2014 Sales	34	$865k-$2.299m	$656/foot	$1,354,569

Uncategorized

2014 Valmonte Home Prices Rise 3% and Where We’re Heading in 2015

February 24, 2015

February 24, 2015, Palos Verdes Estates, CA

Valmonte 2014 Real Estate in Review

After a gangbusters 2013 where we saw a 21% year-over-year increase in values (based on price/foot), the Valmonte real estate market cooled off a bit in 2014. Values continued to rise, but at a more modest, and much more sustainable 3.14% year-over-year increase. While the price increases slowed, the average Days on Market (DOM), an important measure of how long it takes a house to sell, dropped from 67 days in 2013 to 52 days in 2014 (this was the lowest average DOM since 2007). Looking at another key figure, the asking vs selling price comparison remained tight with houses selling at 97.74% of the asking price in 2014 compared to 98.26% in 2013. Compare this to 2009 when houses were selling at 93.52% of the asking price – a tough market for sellers. Finally, another sign of strong seller’s market is the fact that 11 of the 34 houses sold in 2014 sold at or above the asking price – another improvement from 2009 when not one house sold over asking. This continues suggests that there is fierce competition for well priced, move-in ready homes and sellers have their choice of buyers.

According to the S&P/Case-Shiller CA-Los Angeles Home Price Index, prices were up 5.1% year-over-year in the Los Angeles area in 2014. This suggests that our local Valmonte market is relatively on par with the general market in the greater Los Angeles area, albeit at a higher priced entry point to move in. This higher entry price could explain the slightly lower YOY appreciation.

Figure 1a. 3 year Valmonte SFR sales statistics

Year	# Houses Sold	Average Price	Average Price/Foot	Year/Year % change	Ave. Days on Market
2012	41	$1,213,049	$509.05	-2.73%	132
2013	33	$1,513,765	$616.62	21.13%	67
2014	34	$1,354,569	$635.98	3.14%	52

2015 Is Off to a Slower Start

Since the new year, 6 homes have closed at a price per square foot of $607.91 with selling prices between $799k and $2.05m. The average days on market is 101 days – a considerable uptick from last year’s 52 days (one of these homes was a short sale which skew the numbers to the higher side). In addition to closed sales, there are 7 homes in back-up and 2 listed as pending. The majority of these homes were listed in the latter part of 2014, during which home sales are traditionally slower than the peak spring and summer months.

Active Listings

There are currently 7 Valmonte homes for sale as of today priced between $1.475m for a 1742 square foot traditional home on Via Nivel to 3,500 square foot traditional home on a corner lot on PV Drive North in the Eucalyptus grove priced just under $2.2m. The average list price/foot is $685/foot – a nice bump from last year’s $635/foot – but time will tell if these homes sell close to that price. Three of these listings have been on the market for 120 days or more, a good indication that they will likely need a considerable price reduction before buyers are ready to move in. In fact, their respective prices confirm this – all are priced considerably more than the average price per square foot of the other listings.

What’s on the horizon as we head into the traditionally busy selling season? If you are a seller, you’re in luck. Demand for Valmonte remains strong with many young families looking to enjoy the peaceful tree lined streets and top rated Palos Verdes Schools. In addition, financing continues to be favorable to buyers with low rates and banks willing to lend. If you are a buyer, I would qualify ASAP for a solid loan with a good mortgage banker and be ready to write a strong offer when your dream house is on the market. And, of course, whether you are a buyer or a seller, I would suggest you call me to help you reach your real estate goals while the market is hot!

For a custom price analysis of your home or for tips on buying or selling a home, please feel free to email directly at kyle@kyledanielsrealestate.com. You can also visit my website at www.kyledanielsrealestate.com.

Thanks for reading!

Random Acts of Kindness

The 4th of July weekend is finally here

July 3, 2014

The neighborhood is a buzz with the kids out of school, beach days all around, and the Valmonte gardens all in bloom. But almost as great as the anticipation for Christmas is the joys of freedom as the 4th of July weekend draws near. On my evening walk lately I passed neighbors decorating their house with bunting for the holiday, flags were flying in the afternoon sun, and I must have passed nearly a dozen fellow evening strollers out enjoying the warm summer evening. Nothing quiet beats the sounds of kids playing outside until the last bits of light are gone or the smell of a backyard grill firing up. This independence day be sure to take a minute to relish in the fact that we live in a great neighborhood in a free country. But don’t take it for granted – we enjoy this spirit of freedom as the result of all the men and women, many of them our neighbors, who have risked their own personal freedom so that we may enjoy it safely here at home. God bless America and the people that keep it free! See you in the neighborhood!

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